Market today on 14.10.2008

It was a great pull back and a great start of the week, globally measures were taken to infuse liquidity in the market and to bring back the sentiments. The pull back is expected to continue in momentum and as we have a very positive global cue market may open gap up of at least 100 point in Nifty and we can see it going above 150 plus, though over all strength is still lacking as it is evident by the trading volume we can see some selling again at 3650-3700 level in Nifty.
Turnover traded was very low in today's session, stood at Rs 56,131.77 crore. This includes Rs 11,550.77 crore NSE cash segment, Rs 40,624.27 crore from NSE F&O and balance Rs 3,956.73 crore from BSE cash segment
If market opens a big gap up then 3500 in Nifty and 11400 will be the next support level in nifty and Sensex respectively. If this support level is breeched again then next immediate support is at 3200 level and 10300 in sensex and then at 2900 in Nifty and 9450 in Sensex. Market range whole day is expected to be between 3470-3700 in nifty and 11300-12050 in Sensex.

HOT NEWS
*FM applauds RBI move for infusing liquidity and ensures for more steps to be taken.
*US FED in joint statement with the European banks said that, “Commercial banks would be able to borrow any amount they whish against the appropriate collateral in each jurisdiction”
*Kingfisher ties up with Jet airways for both local and international routes.
*ICICI managements clears the rumor against it and indicated as financial sound.
Sectors to Watch-
All the sectors today again will be on upmove and the most beaten one in past like Banks, Realty and Metals will be on top. Capiatal goods and Autos will also gain. IT and Telecom is expected to have a good recovery on record up move of US market.
Stock to Watch-
On the upside we may see Axis Bank, SBI, Jindal Steel and Power and Reliance Capital.
On down side we may see Ranbaxy and Sun Pharma .